Heliogen, Inc. Announces Fourth Quarter and Full Year 2024 Financial and Operational Results
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a renewable energy technology company utilizing concentrated sunlight and thermal energy storage to deliver dispatchable, cost-effective, low-carbon energy, today provided its fourth quarter and full year 2024 financial and operational results. Financial and Operational Highlights Continued to prioritize the deployment of our commercially-proven power solutions by taking actions to conserve cash and re-allocate resour.
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Heliogen Concludes Capella Demonstration, Advancing Next-Generation Concentrated Solar Technology
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen Inc. (OTCQX: HLGN) (the “Company”), a leading provider of concentrating solar energy technology, today announced the conclusion of Capella, a first-of-a-kind demonstration project. Jointly funded by Woodside Energy (USA) Inc., a wholly-owned subsidiary of global energy company Woodside Energy Group Ltd (NYSE: WDS; ASX: WDS) (“Woodside”), and the US Department of Energy, the project marked a significant milestone in the journey toward realizing lower-c.
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Heliogen, Inc. Announces Third Quarter 2024 Financial and Operational Results
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its third quarter 2024 financial and operational results. Financial and Operational Highlights Liquidity of $44.6 million as of September 30, 2024 Total operating expenses for Q3 2024 decreased by 32% sequentially, compared to Q2 2024 Texas Steam Plant, Heliogen's first commercial-scale installation, continues to progress toward mec.
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Heliogen Appoints Apurba Das as Chief Technology Officer
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (OTCQX: HLGN) (the “Company”), a leading provider of concentrating solar energy technology, today announced the appointment of Apurba Das, as Chief Technology Officer (CTO). Das has been with Heliogen since 2021, and has been instrumental in advancing technology and innovation initiatives as Vice President of Engineering for Process and Power Systems. Now as CTO, Das has oversight for the plant design and engineering of Heliogen's concentrating.
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Heliogen, Inc. Announces Second Quarter 2024 Financial and Operational Results
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its second quarter 2024 financial and operational results. Financial and Operational Highlights No significant changes to contracts or backlog vs. prior quarter; outstanding proposals with 4 customers for early design stage projects representing 0.9 gigawatts First commercial-scale installation of Heliogen steam plant in west Texas.
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Heliogen Extends Limited Duration Stockholders Rights Plan
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen” or the “Company”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today announced that its Board of Directors (the “Board”) adopted an amendment to its existing limited duration stockholder rights plan (as amended, the “Rights Plan”) to extend the duration of the Rights Plan and reduce the exercise price of the rights. Julie Kane, Chair of the Board, stated “Heliogen continues to experience a si.
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Heliogen, Inc. (HLGN) Q4 2023 Earnings Call Transcript
Heliogen, Inc. (HLGN) Q4 2023 Earnings Call Transcript
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Heliogen, Inc. Announces Fourth Quarter and Full Year 2023 Financial and Operational Results; Appoints New CFO
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its fourth quarter and full year 2023 financial and operational results and announced the appointment of its new Chief Financial Officer. Financial and Operational Highlights 2.0 gigawatts (“GW”) in opportunity pipeline, an increase of nearly 1.2 GW since August 2023 Demonstrated third-party validation of the effectiveness of Heliog.
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Heliogen, Inc. Schedules Release of Fourth Quarter and Full Year 2023 Financial Results and Conference Call
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy, today announced that it will release financial and operating results for the fourth quarter and full year 2023 after the market close on Monday, March 25, 2024. This release will be followed by a conference call for investors at 10:00 AM EDT on Tuesday, March 26. Christie Obiaya, Heliogen's Chief Executive Officer will host the call. The conference call may.
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Heliogen Announces CFO Transition
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen” or the “Company”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today announced that the Company and its Chief Financial Officer, Sagar Kurada have mutually agreed for Mr. Kurada to transition out of his role, effective January 11, 2024. Mr. Kurada will support the Company during a transition period to ensure an orderly exit. The Company has initiated a formal search process for Mr. Kurada's p.
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Heliogen's CEO to Lead Public Presentation in Sidoti's Virtual Investor Conference
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy, today announced its participation in the Sidoti Micro-Cap Virtual Investor Conference. The event will take place from Jan. 17 to 18, 2024, uniting thought leaders, innovators, and investors from across the globe in a dynamic virtual environment. As part of Heliogen's ongoing dedication to fostering strong relationships with the investment community and under.
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Heliogen Unveils Significant Achievement in Concentrating Solar Technology with Successful Demonstration of Advanced Control Software at Sandia Labs
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, has demonstrated the effectiveness of its proprietary control system at Sandia National Laboratories' National Solar Thermal Test Facility (NSTTF). The project, funded by the Department of Energy's (DOE) Technology Commercialization Fund, marks a leap forward in concentrating solar energy and provides third-party validation data essential to Helio.
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Heliogen Announces Semifinalist Position in DOE Heliostat Prize
PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today announced its selection as one of nine semifinalists in the U.S. Department of Energy's (DOE) American-Made Heliostat Prize. This renowned contest, part of a three-phase challenge, accelerates technological innovation in selected heliostat components. Heliogen's project, "Testing & Deployment of Fully Wireless Heliostats," is a novel ini.
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Heliogen, Inc. (HLGN) Q3 2023 Earnings Call Transcript
Heliogen, Inc. (OTC:HLGN) Q3 2023 Earnings Conference Call November 14, 2023 10:00 AM ET Company Participants Louis Baltimore - Vice President, Strategic Finance and Investor Relations Christie Obiaya - Chief Executive Officer Sagar Kurada - Chief Financial Officer Operator Good morning and welcome to the Heliogen Inc. Third Quarter 2023 Conference Call. As a reminder, today's call is being recorded.
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Heliogen, Inc. Announces Third Quarter 2023 Financial and Operational Results
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (OTCQB: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its third quarter 2023 financial and operational results. Third Quarter 2023 Highlights $73 million contracted revenue backlog driven by a diverse set of projects ranging from Generation 3 concentrated solar power (“CSP”) to green hydrogen to sustainable aviation fuel Recognized revenue of $2.3 million, bringing year-to-date revenue.
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Heliogen's CFO and Head of Strategy to Lead Public Presentation in Sidoti's Virtual Investor Conference
PASADENA, Calif.--(BUSINESS WIRE)--Heliogen announced its participation in the Sidoti November Virtual Investor Conference. The event will take place from Nov. 15 to 16, 2023.
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Heliogen Announces Suspension of NYSE Listing Status
PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (“Heliogen” or the “Company”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today announced it has received notice that the New York Stock Exchange (“NYSE”) has determined to suspend trading of – and commence proceedings to delist – shares of Heliogen's common stock and public warrants, effective immediately. This suspension was made because the Company fell below the NYSE's continued listing standard requ.
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NYSE to Commence Delisting Proceedings Against Heliogen, Inc. (HLGN)
NEW YORK--(BUSINESS WIRE)--The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the two securities enumerated below (“Securities”) of Heliogen, Inc. (the “Company”) from the NYSE. Trading in the Company's Securities will be suspended immediately. Symbol Description HLGN Common stock HLGN.W Warrants, each 35 warrants exercisable for one share of Common stock at an exercise price of $402.50 per shar.
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Heliogen, Inc. Schedules Release of Third Quarter 2023 Financial Results and Conference Call
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy, today announced that it will release financial and operating results for the third quarter 2023 after the market close on Monday, November 13, 2023. This release will be followed by a conference call for investors at 10:00 AM EST on Tuesday, November 14. Christie Obiaya, Heliogen's Chief Executive Officer and Sagar Kurada, Chief Financial Officer, will host t.
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Heliogen Announces Major Milestones in Concentrated Solar Technology Project with Woodside Energy and U.S. Department of Energy
PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (NYSE: HLGN) (the “Company”), a leading provider of AI-enabled concentrating solar energy technology, has completed two key product development milestones related to its Capella Project, the world's first fully integrated Gen3 Concentrating Solar Power (CSP) commercial demonstration. They are the deployment of the first commercial-scale centrifugal particle receiver for on-sun testing and completion of the design verification of the prototype pa.
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Heliogen Announces 1-for-35 Reverse Stock Split
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy technology, announced today that its Board of Directors has approved a 1-for-35 reverse stock split (“Reverse Stock Split”) of Heliogen's common stock. Heliogen's stockholders previously approved the Reverse Stock Split at Heliogen's Annual Meeting of Stockholders held on August 3, 2023 and gave Heliogen's Board of Directors discretionary authority to select a.
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Heliogen, Inc. to Participate in Fireside Chat at SHARE Series Event
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy, is pleased to announce its participation in the SHARE Series Management Update event on Monday, August 14, 2023, at 8:00 AM EDT. Christie Obiaya, Heliogen's Chief Executive Officer will conduct a 30-minute moderated fireside chat at 8:00 AM EDT. The fireside chat will include the opportunity for the audience to ask questions. The live stream of the event may.
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Heliogen, Inc. Announces Second Quarter 2023 Financial and Operational Results
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its second quarter 2023 financial and operational results. Recent Highlights Increased current opportunity pipeline to 825 MW, 700 MW of which was added since May 2023 Second Quarter 2023 Highlights Signed an $11.2 million offtake contract with the City of Lancaster, CA for the sale of carbon-free green hydrogen produced at Heliogen'.
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Heliogen, Inc. Schedules Release of Second Quarter 2023 Financial Results and Conference Call
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy, today announced that it will release financial and operating results for the second quarter 2023 after the market close on Tuesday, August 8, 2023. This release will be followed by a conference call for investors at 10:00 AM EDT on Wednesday, August 9. Christie Obiaya, Heliogen's Chief Executive Officer and Sagar Kurada, Chief Financial Officer, will host the.
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Heliogen Appoints Sagar Kurada as Chief Financial Officer and Head of Strategy
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN--Heliogen, Inc. (NYSE: HLGN) (the “Company”), a leading provider of AI-enabled concentrating solar energy technology, today announced the appointment of Sagar Kurada as Chief Financial Officer and Head of Strategy, effective immediately. Mr. Kurada succeeds Kelly Rosser, who has served as interim CFO since February 2023. Ms. Rosser will continue in her role as Chief Accounting Officer. Mr. Kurada brings more than two decades of experience and expertise in indus.
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Penny Stocks To Buy? 10 Under $1 To Watch This Week
Penny stocks under $1 to watch this week. The post Penny Stocks To Buy?
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Heliogen, Inc. (HLGN) Q4 2022 Earnings Call Transcript
Heliogen, Inc. (NYSE:HLGN ) Q4 2022 Earnings Conference Call March 29, 2023 10:00 AM ET Company Participants Louis Baltimore - VP, IR Christie Obiaya - Chief Executive Officer Kelly Rosser - Interim Chief Financial Officer Conference Call Participants Rob Wertheimer - Melius Research Jeff Grampp - Alliance Global Partners Operator Good morning, and welcome to the Heliogen, Inc. Fourth Quarter and Full Year 2022 Conference Call. As a reminder, today's call is being recorded.
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Heliogen, Inc. Schedules Release of Fourth Quarter and Full Year 2022 Earnings Release and Conference Call
PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy, today announced that it will release financial and operating results for the fourth quarter and full year 2022 after the market close on Tuesday, March 28, 2023. This release will be followed by a conference call for investors at 10:00 AM EDT on Wednesday, March 29. Christie Obiaya, Heliogen's Chief Executive Officer, will host the call.
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Heliogen: Concentrating Sunlight Holds Immense Potential
Heliogen faces barriers to the adoption of its concentrated solar power technology. Whilst the company has been able to build new partnerships, it's still a long way away from the scale required to become a viable investment.
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Idealab founder Bill Gross started selling solar energy kits in 1973 at 15 years old. Now he's leading solar tech company Heliogen
Bill Gross is best known for founding the technology incubator, Idealab, but he's also a long-time climate tech entrepreneur, starting in his high school days.
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Best Penny Stocks To Buy Now? 7 Insider Picks In November
7 penny stock picks from insiders in November 2022 The post Best Penny Stocks To Buy Now? 7 Insider Picks In November appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.
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Heliogen, Inc. (HLGN) Q3 2022 Earnings Call Transcript
Heliogen, Inc. (NYSE:HLGN ) Q3 2022 Earnings Conference Call November 8, 2022 10:00 AM ET Company Participants Louis Baltimore - VP, IR William Gross - Founder, Chairman & CEO Christiana Obiaya - CFO Conference Call Participants Rob Wertheimer - Melius Research Operator Good morning, and welcome to the Heliogen Third Quarter 2022 Earnings Conference Call. As a reminder, today's call is being recorded.
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Heliogen, Inc. Schedules Release of Third Quarter 2022 Financial Results and Conference Call
PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy, today announced that it will release financial and operating results for the third quarter 2022 after the market close on Monday, November 7, 2022. This release will be followed by a conference call for investors at 10:00 AM EST on Tuesday, November 8. Bill Gross, Heliogen’s Founder and Chief Executive Officer and Christie Obiaya, Chief Financial Officer will host the call. The conference call may be accessed via a live webcast on a listen-only basis in the Investors section of Heliogen’s website at investors.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen. A replay of the webcast will be available shortly after the call on the Investors section of Heliogen’s website. About Heliogen Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.
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Heliogen, Inc.'s (HLGN) CEO Bill Gross on Q2 2022 Results - Earnings Call Transcript
Heliogen, Inc. (NYSE:HLGN ) Q2 2022 Earnings Conference Call August 11, 2022 10:00 AM ET Company Participants Louis Baltimore – Vice President-Investor Relations Bill Gross – Founder and Chief Executive Officer Christie Obiaya – Chief Financial Officer Conference Call Participants Rob Wertheimer – Melius Research Gabriele Sorbara – Siebert Williams Shank Operator Good morning and welcome to the Heliogen Second Quarter 2022 Earnings Call. As a reminder, today's call is being recorded.
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Heliogen, Inc. Announces Second Quarter 2022 Financial and Operational Results; Reports Progress on Scale Up of Long Beach Facility
PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy technology, today provided its second quarter 2022 financial and operational results and reaffirmed its previously announced guidance for 2022. Second Quarter 2022 Highlights Finalized and executed a lease for Brenda Solar Energy Zone with U.S. Bureau of Land Management Announced partnership with Hanwha Power Systems for the production of a 5 megawatt electric (MWe) next-generation supercritical CO2 power block integrated with high-temperature solid media thermal energy storage designed by Heliogen and to be deployed with the Woodside project Recent Highlights Entered into a letter of intent with Dimensional Energy for the production of sustainable aviation fuel Completed installation of fourth generation heliostats at Heliogen’s Lancaster demonstration facility Manufactured, deployed and began testing of the first commercial configuration of Heliogen’s autonomous cleaning vehicle at the Lancaster demonstration facility Executive Commentary “During the second quarter, Heliogen continued its steady progress toward achieving our vision of producing clean solar thermal energy for heavy industry through use of our groundbreaking, AI-enabled concentrated solar thermal energy technology,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “By signing additional customer agreements, expanding relationships with supply chain partners, and ramping up our manufacturing facilities, Heliogen is positioning itself to power the transition of global heavy industry to clean, renewable sources of heat, power and green hydrogen. We remain on track to meet our guidance for 2022. “In addition to the exciting announcements we have made over the last several months, Heliogen recently completed the installation of our fourth generation heliostats at our Lancaster, California demonstration facility. These new heliostats are designed to be manufactured, installed and maintained more efficiently, without sacrificing performance or reliability. This is one example of our ability to iterate and innovate rapidly to reduce our cost structure and improve our margins. I am also pleased with the progress we have made at our Long Beach manufacturing facility, where we are getting ready to begin high-volume automated heliostat manufacturing during the early part of the fourth quarter of 2022.” “In sum, Heliogen is progressing on all fronts toward the goals we set for 2022, and I am incredibly proud of the entire team for their efforts which have put us in this position.” Letter of Intent with Dimensional Energy Heliogen and Dimensional Energy, a sustainable fuels company, recently entered into a non-binding letter of intent (“LOI”) to jointly produce sustainable aviation fuel (“SAF”) at Heliogen’s concentrated solar thermal demonstration facility in Lancaster, California. This first-of-its-kind collaboration aims to create a reserve of jet fuel created from sunlight and air to enable the rapid decarbonization of the aviation industry. The LOI is subject to negotiation and execution of a definitive agreement. The companies will work to deploy Heliogen’s proprietary, artificial intelligence (AI)-powered HelioHeat™ technology to convert sunlight directly into thermal energy in the form of high temperature steam and air that will be used to produce green hydrogen for Dimensional Energy’s Reactor platform. The hydrogen will be produced leveraging the previously announced successful demonstration of Heliogen’s concentrated solar technology. As part of the collaboration between Heliogen and Dimensional Energy, the LOI includes a goal of building a fully integrated ~1 barrel per day drop-in ready SAF demonstration. The parties expect a demonstration project to be a first step to develop a pipeline for approximately 3 million barrels of fuel over the next ten years. 2022 Guidance Reaffirmed Heliogen today also reaffirmed its previously announced 2022 guidance of two to three modules contracted and $20 - $25 million of revenue. Heliogen believes the number of modules contracted is the most useful indicator of demand for its products and technology at this stage in its lifecycle. Over time, Heliogen expects these contracts to be converted to revenue as the projects are installed, although there is no assurance as to the time period for such conversion. Second Quarter 2022 Financial Results For the second quarter 2022, Heliogen reported total revenue of $2.4 million, total operating expenses of $28.7 million and net loss of $20.2 million. Heliogen’s net loss was driven primarily by the growth of Heliogen’s commercial operations which includes increased headcount, non-cash stock-based compensation expense of $11.5 million, and other costs related to being a public company. Heliogen’s Adjusted EBITDA, which excludes the non-cash stock-based compensation expense and other impacts, was negative $19.8 million for the second quarter 2022. Conference Call Information The Heliogen management team will host a conference call to discuss its second quarter 2022 financial results on Thursday, August 11, 2022, at 10:00 a.m. EDT. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Heliogen’s website at www.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen. An archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen’s website. About Heliogen Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. Heliogen’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit Heliogen.com. Use of Non-GAAP Financial Information Management uses certain financial measures, including EBITDA and Adjusted EBITDA, to evaluate our financial and operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance, enhance the overall understanding of our past financial performance and future prospects, and remove items that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Heliogen’s current and historical results: EBITDA and Adjusted EBITDA. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our guidance for full-year 2022, the development of our manufacturing and production facilities, maintaining our trajectory in 2022, achieving our financial and operational goals, progress with potential customers and future growth opportunities. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (viii) developments and projections relating to our competitors and industry; (ix) our ability to access sources of capital to finance operations, growth and future capital requirements; and (x) our ability to protect our intellectual property. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the “Risk Factors” section in Part I, Item 1A in our Annual Report on Form 10-K/A for the annual period ended December 31, 2021 and other documents filed by Heliogen from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Heliogen, Inc. Condensed Consolidated Balance Sheets ($ in thousands) (unaudited) June 30, December 31, 2022 2021 ASSETS Cash and cash equivalents $ 60,731 $ 190,081 Investments, available-for-sale 115,142 32,332 Other current assets 13,921 4,770 Total current assets 189,794 227,183 Non-current assets 47,783 30,265 Total assets $ 237,577 $ 257,448 LIABILITIES AND SHAREHOLDERS’ EQUITY Trade payables $ 3,916 $ 4,645 Contract liabilities 8,521 513 Contract loss provisions 30,923 397 Other current liabilities 5,794 6,974 Total current liabilities 49,154 12,529 Long-term liabilities 19,477 30,861 Total liabilities 68,631 43,390 Shareholders’ equity 168,946 214,058 Total liabilities and shareholders’ equity $ 237,577 $ 257,448 Heliogen, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss ($ in thousands, except per share and share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue $ 2,392 $ 845 $ 5,931 $ 1,361 Cost of revenue 2,386 845 39,647 1,361 Gross profit (loss) 6 — (33,716 ) — Operating expenses: Selling, general, and administrative 22,589 4,260 42,984 6,412 Research and development 6,147 2,665 15,752 4,273 Total operating expenses 28,736 6,925 58,736 10,685 Operating loss (28,730 ) (6,925 ) (92,452 ) (10,685 ) Interest income (expense), net 213 (41 ) 407 (1 ) SAFE instruments remeasurement — (47,460 ) — (47,460 ) Gain (loss) on warrant remeasurement 8,284 (1,979 ) 12,310 (2,282 ) Other (expense) income, net (109 ) 72 (185 ) 39 Net loss before taxes (20,342 ) (56,333 ) (79,920 ) (60,389 ) Income tax benefit 125 — 735 — Net loss (20,217 ) (56,333 ) (79,185 ) (60,389 ) Other comprehensive loss, net of taxes Unrealized losses on available-for-sale securities (127 ) (2 ) (506 ) (14 ) Cumulative translation adjustment (323 ) — (324 ) — Total comprehensive loss $ (20,667 ) $ (56,335 ) $ (80,015 ) $ (60,403 ) Loss per share Loss per share – Basic and Diluted $ (0.11 ) $ (5.30 ) $ (0.42 ) $ (5.92 ) Weighted average number of shares outstanding – Diluted 190,182,474 10,623,517 187,123,737 10,195,971 Non-GAAP Financial Measures EBITDA represents condensed consolidated net loss before (i) interest (income) expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense. Adjusted EBITDA represents EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. The following reconciles net loss to EBITDA and Adjusted EBITDA for the periods as shown: Three Months Ended June 30, Six Months Ended June 30, $ in thousands 2022 2021 2022 2021 Net loss $ (20,217 ) $ (56,333 ) $ (79,185 ) $ (60,389 ) Adjustments Interest (income) expense, net (213 ) 41 (407 ) 1 Income tax benefit (125 ) — (735 ) — Depreciation and amortization 693 80 1,453 134 EBITDA $ (19,862 ) $ (56,212 ) $ (78,874 ) $ (60,254 ) Adjustments SAFE instruments remeasurement(1) — 47,460 — 47,460 (Gain) loss on warrant remeasurement(2) (8,284 ) 1,979 (12,310 ) 2,282 Share-based compensation 11,524 353 24,506 564 Provision for contract losses (3) — — 33,737 — Contract losses incurred (3) (3,131 ) — (3,160 ) — Adjusted EBITDA $ (19,753 ) $ (6,420 ) $ (36,101 ) $ (9,948 ) __________________ Represents the change in fair value on our SAFE instruments which were converted to common stock immediately prior to the closing of the business combination with Athena Technology Acquisition Corp. Represents the change in fair value on our warrant liabilities for the outstanding warrants that we assumed in the business combination with Athena Technology Acquisition Corp. Represents contract losses with customers for which estimated costs to satisfy performance obligations exceeded considerations expected to be realized. Contract loss is reduced and recognized in cost of revenue as expenditures are incurred and related revenue is recognized.
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Heliogen: I Am Still Not Sold On Solar Thermal After Ivanpah
Heliogen is a company that is developing solar thermal energy generation applications. While certainly interesting as a renewable technology, the narrative remains unproven, especially after other issues in the past.
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Heliogen, Inc. (HLGN) CEO Bill Gross on Q1 2022 Results - Earnings Call Transcript
Heliogen, Inc. (NYSE:HLGN ) Q1 2022 Earnings Conference Call May 23, 2022 10:00 AM ET Company Participants Louis Baltimore - Vice President of Investor Relations Bill Gross - Founder and Chief Executive Officer Christie Obiaya - Chief Financial Officer Conference Call Participants Rob Wertheimer - Melius Research Operator Good morning and welcome to the Heliogen First Quarter 2022 Conference Call. As a reminder, today's call is being recorded.
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Heliogen, Inc. Announces First Quarter 2022 Financial and Operational Results; Reports Progress on Deployment of Commercial-Scale Solar Energy Systems
PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy technology, today provided its first quarter 2022 financial and operational results and reaffirmed its previously announced guidance for 2022. First Quarter 2022 Highlights Signed full project agreement with Woodside Energy (USA) Inc. (“Woodside”) for the commercial-scale demonstration and deployment of Heliogen’s AI-enabled concentrated solar energy technology Entered into a collaboration agreement with Woodside to jointly market Heliogen’s technology in Australia Began site preparation and setup for its first full-scale manufacturing facility in Long Beach, California Recent Highlights Finalized and executed a lease for Brenda Solar Energy Zone with U.S. Bureau of Land Management Announced partnership with Hanwha Power Systems for the production of a 5 megawatt electric (MWe) next-generation supercritical CO2 power block integrated with high-temperature solid media thermal energy storage designed by Heliogen and to be deployed with the Woodside project Reported significant progress in the operationalization of the Long Beach manufacturing facility Executive Commentary “Heliogen’s progress in deploying our groundbreaking solar energy technology with world class partners continued at a rapid pace during the first quarter of this year,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “The momentum we built during 2021 has put us in a great position to maintain our trajectory in 2022 and continue meeting milestones on our path to deployment of solar energy systems for heavy industry. We remain on track to achieve our financial and operational goals this year, which will serve as the foundation for our continued growth in 2023 and beyond. “During the first quarter, we finalized and signed the full project agreement with Woodside for our first commercial-scale, single-module 5 MWe facility,” continued Gross. “We continue to make great progress with several other potential customers including global metals and mining company Rio Tinto. I’m also pleased with the discussions taking place with Woodside as we kick off our collaboration effort to jointly market Heliogen’s technology in Australia. “On the manufacturing and development side, we have made rapid progress on the build-out of our facility in Long Beach, California. Multiple fully-automated pilot production lines are now operational along with the vast majority of our reliability and testing lab. We remain on track for the main production lines to be operational in the second half of this year. The impressive progress our production team has made on this facility is a testament to their ingenuity and efficiency, which we expect to apply across all manufacturing, installation and operational efforts,” concluded Gross. 2022 Guidance Reaffirmed Heliogen today also reaffirmed its previously announced 2022 guidance of between two and three modules contracted and $20 - $25 million of revenue. Heliogen believes the number of modules contracted is the most useful indicator of demand for its products and technology at this stage in its lifecycle. Over time, Heliogen expects these contracts to be converted to revenue as the projects are installed, although there is no assurance as to the time period for such conversion. First Quarter 2022 Financial Results For the first quarter 2022, Heliogen reported total revenue of $3.5 million, total operating expenses of $30.0 million and net loss of $59.0 million. Heliogen’s net loss was driven primarily by a non-cash provision for contract losses of $33.8 million related to its first commercial-scale facility and non-cash share-based compensation expense of $13.0 million. Heliogen’s Adjusted EBITDA, which excludes these and other impacts, was negative $16.3 million for the first quarter 2022. Conference Call Information The Heliogen management team will host a conference call to discuss its first quarter 2022 financial results today, Monday, May 23, 2022, at 10:00 a.m. EDT. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Heliogen’s website at www.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen. An archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen’s website. About Heliogen Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. Heliogen’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit Heliogen.com. Use of Non-GAAP Financial Information Management uses certain financial measures, including EBITDA and Adjusted EBITDA, to evaluate our financial and operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance, enhance the overall understanding of our past financial performance and future prospects, and remove items that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Heliogen’s current and historical results: EBITDA and Adjusted EBITDA. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our guidance for full-year 2022, the development of our manufacturing and production facilities, maintaining our trajectory in 2022, achieving our financial and operational goals, progress with potential customers and future growth opportunities. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (viii) developments and projections relating to our competitors and industry; (ix) our ability to access sources of capital to finance operations, growth and future capital requirements; and (x) our ability to protect our intellectual property. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the “Risk Factors” section in Part I, Item 1A in our Annual Report on Form 10-K/A for the annual period ended December 31, 2021 and other documents filed by Heliogen from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Heliogen, Inc. ($ in thousands, except share data) Condensed Consolidated Balance Sheets (unaudited) March 31, December 31, 2022 2021 ASSETS Cash and cash equivalents $ 63,615 $ 190,081 Investments, available-for-sale 128,269 32,332 Other current assets 20,973 4,770 Total current assets 212,857 227,183 Non-current assets 43,310 30,265 Total assets $ 256,167 $ 257,448 LIABILITIES AND SHAREHOLDERS’ EQUITY Trade payables $ 2,294 $ 4,645 Contract liabilities 7,866 513 Contract loss provisions 34,188 397 Other current liabilities 6,266 6,974 Total current liabilities 50,614 12,529 Long-term liabilities 28,250 30,861 Total liabilities 78,864 43,390 Shareholders’ equity 177,303 214,058 Total liabilities, convertible preferred stock, and shareholders’ equity $ 256,167 $ 257,448 Heliogen, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss ($ in thousands, except per share and share data) (unaudited) Three Months Ended March 31, 2022 2021 Revenue $ 3,539 $ 516 Cost of revenue 37,261 516 Gross loss (33,722 ) — Operating expenses: Selling, general, and administrative 20,395 2,152 Research and development 9,605 1,608 Total operating expenses 30,000 3,760 Operating loss (63,722 ) (3,760 ) Interest income, net 194 40 Gain (loss) on warrant remeasurement 4,026 (303 ) Other expense, net (76 ) (33 ) Net loss before taxes (59,578 ) (4,056 ) Income tax benefit 610 — Net loss (58,968 ) (4,056 ) Other comprehensive loss, net of taxes Unrealized losses on available-for-sale securities (379 ) (12 ) Cumulative translation adjustment (1 ) — Total comprehensive loss $ (59,348 ) $ (4,068 ) Loss per share Loss per share – Basic and Diluted $ (0.32 ) $ (0.42 ) Weighted average number of shares outstanding – Diluted 184,031,015 9,763,675 Non-GAAP Financial Measures EBITDA represents condensed consolidated net loss before (i) interest (income) expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense. Adjusted EBITDA represents EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. The following reconciles net loss to EBITDA and Adjusted EBITDA for the periods as shown: Three Months Ended March 31, $ in thousands 2022 2021 Net loss $ (58,968 ) $ (4,056 ) Adjustments Interest income, net (194 ) (40 ) Income tax benefit (610 ) — Depreciation and amortization 760 54 EBITDA $ (59,012 ) $ (4,042 ) Adjustments (Gain) loss on warrant remeasurement(1) (4,026 ) 303 Share-based compensation 12,982 211 Provision for contract losses, net(2) 33,766 — Adjusted EBITDA $ (16,290 ) $ (3,528 ) __________________ (1) Represents the change in fair value on our warrant liabilities for the outstanding warrants that we assumed in our business combination with Athena Technology Acquisition Corp. (2) Represents contract losses related to three contracts with customers for which estimated costs to satisfy performance obligations exceeded considerations expected to be realized.
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Heliogen, Inc. to Reschedule Release of First Quarter 2022 Earnings Results and Conference Call
PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy technology, today announced the rescheduling of the release of its first quarter 2022 financial results and conference call previously scheduled for Monday, May 9, 2022, and Tuesday, May 10, 2022, respectively. Heliogen will make a further announcement regarding the timing of the release and conference call as soon as practicable. About Heliogen Heliogen is a r
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Heliogen, Inc. Schedules Release of First Quarter 2022 Financial Results and Conference Call
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN #ArtificialIntelligence--Heliogen Inc. Announces Dates for Release of Q1 2022 Results and Earnings Call
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Heliogen, Inc. (HLGN) CEO Bill Gross on Q4 2021 Results - Earnings Call Transcript
Heliogen, Inc. (HLGN) CEO Bill Gross on Q4 2021 Results - Earnings Call Transcript
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Heliogen, Inc. Announces Full Year 2021 Financial and Operational Results
PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (“Heliogen” or the “Company”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy, today announced full year 2021 financial and operational results. Full-Year 2021 Highlights Finalized $39 million U.S. Department of Energy award for deployment of AI-enabled concentrated solar technology Completed first field test of autonomous robots designed to reduce installation and maintenance costs Announced start of equipment procurement for first commercial-scale facility collaboration with Woodside Energy to deploy Heliogen’s power technology Held successful demonstration of green hydrogen production using the Company’s core concentrated solar technology in partnership with Bloom Energy Closed business combination with Athena Technology Acquisition Corp. (“Athena”); began trading on the NYSE on December 31, 2021 Recent Highlights Began site preparation and setup for first full-scale manufacturing facility in Long Beach, California Awarded exclusive lease rights to Brenda Solar Energy Zone by the U.S. Bureau of Land Management for the purposes of green hydrogen production Executive Commentary “Our mission is bold but simple,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “We aim to decarbonize heavy industry, using artificial intelligence, scalable, repeatable manufacturing techniques, and the power of the sun. Our patented closed-loop tracking system for our mirrors will allow us to generate temperatures up to 1,000 degrees Celsius, and efficiently store that heat to create industrial process steam, power and green hydrogen – without the intermittency problems of other renewable energy sources.” Heliogen Progress in 2021 Continues into 2022 During 2021, Heliogen launched negotiations regarding deployment of its AI-enabled solar energy systems, and began engineering work on one of its first commercial scale facilities. The Company also continued to develop its infrastructure and set the foundation for its commercial-scale operations, to support its prospective project pipeline. “The past year has been transformational in many ways for Heliogen,” said Mr. Gross. “We debuted on the New York Stock Exchange at the end of the year and, on the commercial side our company announced commercial relationships with Rio Tinto and Woodside Energy, two of the world’s largest resources firms, and partnered with Bloom Energy for the successful demonstration scale production of green hydrogen. We also finalized a cooperative agreement with the Department of Energy for the deployment of our new concentrated solar thermal energy technology. In addition, we expanded our manufacturing and operational capabilities, announcing a successful field test of our ICARUS autonomous robot which we designed with the goal of reducing installation and maintenance costs for our facilities.” “As you can tell, the team at Heliogen has been busy,” continued Gross. “We intend to carry this momentum through 2022 and have already begun the initial work on our Long Beach manufacturing facility, as well as our green hydrogen production facility in the Brenda Solar Energy Zone in Arizona. Having made exceptional progress in 2021 toward our goals, we are excited about what the future holds for Heliogen.” Full-Year 2021 Financial and Operational Results For the full year 2021, Heliogen reported total revenue of $8.8 million, total operating expenses of $43.9 million and net loss of $142.2 million. The company’s net loss was driven primarily by non-cash, remeasurement impacts of $93.6 million related to our legacy SAFE instruments and warrants prior to and through the date of closing of the business combination with Athena and share-based compensation expense of $11.4 million. The Company’s Adjusted EBITDA, which excludes these and other impacts, was negative $32.1 million for full year 2021. As of December 31, 2021, the Company had approximately $190.1 million in cash and cash equivalents and $32.3 million of available-for-sale investments, for a total of over $222.4 million available to fund its future scaling and development efforts. Heliogen currently has no material debt outstanding. 2022 Guidance For full-year 2022, Heliogen expects to have between two and three modules contracted and is introducing revenue guidance of $20 - $25 million. The Company believes this metric of modules contracted is the most useful indicator of the demand for Heliogen’s products and technology at this stage in its lifecycle. Over time, it expects these contracts to be converted to revenue as the projects are installed, although there is no assurance as to the time period for such conversion. Conference Call Information The Heliogen management team will host a conference call to discuss its full year 2021 financial results on Tuesday, March 29, 2022, at 8:30 a.m. Eastern Time. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Heliogen’s website at www.heliogen.com. The call can also be accessed live via telephone by dialing 877-407-0789 (201-689-8562 for international callers) and referencing Heliogen. An archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen’s website and will remain available for twelve months. About Heliogen Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit Heliogen.com Use of Non-GAAP Financial Information Management uses certain financial measures, including EBITDA and Adjusted EBITDA, to evaluate our financial and operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because, when reconciled to their most comparable GAAP financial measures, they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance, enhances the overall understanding of past financial performance and future prospects, and that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Heliogen’s current and historical results: EBITDA and Adjusted EBITDA. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our guidance for full-year 2022, the development of our manufacturing and green hydrogen production facilities and future growth opportunities. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost-effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (viii) developments and projections relating to our competitors and industry; (ix) our ability to access sources of capital to finance operations, growth and future capital requirements; and (x) our ability to protect our intellectual property. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section in the prospectus filed with the SEC pursuant to Rule 424(b), dated December 3, 2021 and in our Annual Report on Form 10-K that will be filed for the annual period ended December 31, 2021 and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Heliogen, Inc. ($ in thousands, except share data) Condensed Consolidated Balance Sheets (unaudited) December 31, 2021 2020 ASSETS Cash and cash equivalents $ 190,081 $ 18,334 Investments, available-for-sale 32,332 — Other current assets 4,770 241 Total current assets 227,183 18,575 Non-current assets 30,265 1,187 Total assets $ 257,448 $ 19,762 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY (DEFICIT) Trade payables $ 4,645 $ 307 Contract liabilities 513 — Contract loss provisions 5,180 — Other current liabilities 6,974 849 Total current liabilities 17,312 1,156 Long-term liabilities 30,861 536 Total liabilities 48,173 1,692 Convertible preferred stock — 45,932 Shareholders’ equity (deficit) 209,275 (27,862 ) Total liabilities, convertible preferred stock, and shareholders’ equity (deficit) $ 257,448 $ 19,762 Heliogen, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss ($ in thousands, except per share and share data) (unaudited) Years ended December 31, 2021 2020 Revenue $ 8,804 $ 200 Cost of revenue 13,688 417 Gross loss (4,884 ) (217 ) Operating expenses: Selling, general, and administrative 30,386 3,713 Research and development 13,478 3,583 Total operating expenses 43,864 7,296 Operating loss (48,748 ) (7,513 ) Interest income (expense) 634 (3 ) SAFE instruments remeasurement (86,907 ) — Warrant remeasurement (6,651 ) (7 ) Other (expense) income, net (517 ) 86 Net loss before taxes (142,189 ) (7,437 ) Provision for income taxes (2 ) — Net loss (142,191 ) (7,437 ) Other comprehensive income (loss), net of taxes Unrealized losses on available-for-sale securities (17 ) — Cumulative translation adjustment 13 — Total comprehensive loss $ (142,195 ) $ (7,437 ) Loss per share – Basic and Diluted $ (11.88 ) $ (0.93 ) Weighted average number of shares outstanding – Diluted 11,970,550 7,978,512 Non-GAAP Financial Measures EBITDA represents consolidated net loss before (i) interest (income) expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense. Adjusted EBITDA represents EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. The following reconciles net loss to EBITDA and Adjusted EBITDA for the periods as shown: Years ended December 31, $ in thousands 2021 2020 Net loss $ (142,191 ) $ (7,437 ) Adjustments Interest (income) expense, net (634 ) 3 Provision for income taxes 2 — Depreciation and amortization 562 139 EBITDA $ (142,261 ) $ (7,295 ) Adjustments SAFE instruments remeasurement 86,907 — Warrant remeasurement 6,651 7 Share-based compensation 11,380 278 Provision for contract losses, net 5,180 — Adjusted EBITDA $ (32,143 ) $ (7,010 )
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Heliogen lines up Woodside for Australian concentrated-solar-power push
Bill Gates-backed Heliogen has secured funding from top Australian oil and gas producer Woodside Petroleum for a full-scale trial of its concentrated-solar-power (CSP) technology ahead of a planned push into Australia.
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Heliogen, Inc. Schedules Full-Year 2021 Financial Results and Conference Call
PASADENA, Calif.--(BUSINESS WIRE)---- $HLGN #ArtificialIntelligence--Heliogen announced that it will release financial and operating results for 2021 after market close on Monday, March 28, 2022
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Investment Opportunity Breakdown: Solar Stocks
Solar stocks are growing popular as governments, companies and individuals seek green energy solutions. Here's what you need to know.
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